Yellen hopes Biden-Xi G20 assembly will increase U.S.-China financial engagement By Reuters

© Reuters. U.S. Treasury Secretary Janet Yellen appears on after her interview with Reuters in New Delhi, India, November 11, 2022. REUTERS/Altaf Hussain

By David Lawder

NUSA DUA, Indonesia (Reuters) – U.S. Treasury Secretary Janet Yellen stated she hopes President Joe Biden’s assembly on Monday with Chinese language President Xi Jinping results in elevated engagement on macroeconomic points between the world’s two largest economies.

Yellen stated the aim of the assembly was to stabilize the U.S.-China relationship and supply some certainty for U.S. companies about its future path.

“What I am very a lot hoping is that on account of the president’s bilateral with President Xi immediately, we’ll have interaction in additional intensive conversations going ahead with our Chinese language counterparts concerning the Chinese language financial system, international macroeconomic outcomes, and well being insurance policies each within the U.S. and China which might be impacting these outcomes,” Yellen advised reporters on the sidelines of the G20 summit in Bali.

Yellen additionally will meet with Individuals’s Financial institution of China Governor Yi Gang and plans to debate financial points together with China’s plans to ease COVID-19 lockdowns which have squeezed its output and provide chains, in addition to monetary issues in its property sector.

She stated that Biden has been clear with China about nationwide safety considerations relating to restrictions on delicate U.S. applied sciences and has raised considerations concerning the reliability of provide chains.

“I’ve mentioned repeatedly our considerations that we’re overly depending on China for issues like minerals that go into electrical car batteries, photo voltaic panels. We wish a safer and extra resilient provide chain,” she stated.

However the US was not searching for to push U.S. companies out of China nor curtail “a variety of economic actions” between the 2 nations, Yellen added.

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